Indian Economy Questions

The India's commerce and industry ministry has started the exercise to revise base year to 2017-18 for computation of wholesale inflation with a view to present more realistic picture of the price situation

In May last year, the government revised the base year for WPI-based inflation to 2011-12 to give a better indication of changes in prices of commodities.

The new index, with 2017-18, is expected to have new items, which would provide a more realistic picture of price rise and its impact on people.

Most of the additions could be in the manufactured products category. Currently, the index has a total of 697 items, including primary articles, fuel and power and manufactured products.

Economics is the study of how society manages its scarce resources i.e, Limited wants & unlimited resources.

Business fluctuations refer to the ups and downs in overall business activity measured by changes in national​ income, employment and the price level.

A perfectly inelastic demand curve is perfectly vertical either up or down in any way.

Economic growth is measured by the percentage of gross domestic product. GDP refers to the total value of goods and services produced in the country.